US designates banks linked to DPRK financial networks

OFAC has sanctioned 26 people linked to DPRK financial networks and 8 DPRK banks, in response to what the US has described as its ongoing violations of UN Resolutions and attempts to develop WMDs.  The 26 people are all DPRK nationals working in China, Russia, Libya, and the UAE as representatives of DPRK banks. OFAC identified the Foreign Trade Bank and Central Bank of the Democratic People’s Republic of Korea as part of the Government of North Korea. Foreign Trade Bank was already designated by the US, and Central Bank is now also subject to US sanctions.

The US Treasury’s press release says that the new listings are intended to complement the latest round of UN sanctions (see previous blog). The details of the listings are here.

This entry was posted in North Korea, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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